DID INVESTERS FORGET !
Prophecy Coal Closes $10 Million Private Placement
Vancouver, British Columbia, March 8, 2012: Prophecy Coal Corp. (“Prophecy” or the “Company”) (TSX: PCY, OTCQX: PRPCF, Frankfurt: 1P2) is pleased to announce the closing of the private placement previously announced on March 1, 2012. Due to investor demand, the Company has increased the size of the non-brokered private placement of common shares to 22,363,866 shares at a price of
.45 per share for gross proceeds of $10,063,740 (the “Placement”).
Company insiders invested $508,500 and together with existing shareholders have subscribed for a majority of this financing. Finder’s fees of 6% of the proceeds placed, payable in cash, were paid on certain arms-length portions of the placement.